ECB executive board member outlines plans for digital euro to European Parliament

ECB executive board member outlines plans for digital euro to European Parliament


The digital euro, should it come into existence, will preserve the role of the central bank by extending payment options beyond those offered by cash, European Central Bank (ECB) executive board member Fabio Panetta told a European Parliament committee Jan. 23.

Panetta expressed satisfaction with the progress of research on a potential digital euro. He told the European Parliament Economic and Monetary Affairs Committee:

“The ECB is at the global forefront of the efforts by central banks to design state-of-the-art digital payment solutions for both retail and wholesale transactions.”

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Access to the digital euro would initially be open to consumers, businesses and governments within the euro zone, then be extended to individuals and businesses in the European Economic Area and finally to “selected third-party countries,” on the basis

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